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Stocks were little changed on Monday to begin a big week of earnings reports and macroeconomic data that will continue to paint an early picture of the US economy’s response to President Trump’s tariffs.
The S&P 500 (GSPC) rose more than 0.3%. The Dow Jones Industrial Average (^DJI) gained 0.1%, while the Nasdaq Composite (IXIC) fell 0.2%.
Wall Street is coming off a rebounding run last week, with the S&P 500 notching its longest daily positive streak since January. The gains came as Trump eased pressure on Federal Reserve Chair Jerome Powell, as well as hinted at light at the end of the tunnel for 145% tariffs on China. Wall Street looks positive, yet skittish, with plenty of room for growth before closing out the last trading week of what has been an eventful April.
Earnings are the highlight of the week ahead, with 180 S&P 500 companies expected to report quarterly financial results. Big Tech leads the way, as Apple (AAPL), Amazon (AMZN), Meta (META), and Microsoft (MSFT) are all due in the coming days, alongside Coca-Cola (KO), Eli Lilly (LLY), and Chevron (CVX).
Broader economic news will flavor the coming days, as investors eye Wednesday’s release of the Fed’s preferred inflation gauge, the Personal Consumer Expenditures (PCE) index, to see the impact of tariffs on the general public’s “core” expenses.
The April jobs report is also in sight, as the labor market has remained resistant to signs of economic slowdown. Economists expect the US economy added 133,000 nonfarm payroll jobs last month, with the unemployment rate remaining at 4.2%.
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Nvidia stock falls as China’s Huawei reportedly readies AI chip after Trump’s export ban
Yahoo Finance’s Laura Bratton reports:
Nvidia (NVDA) stock fell as much as 2% in early trading Monday following a report that Chinese tech giant Huawei is readying a new advanced AI chip in the wake of President Trump’s export ban on Nvidia chips to China.
The Wall Street Journal reported Monday, citing unnamed sources, that Huawei has approached some Chinese tech companies about testing a new AI chip called the Ascend 910D, which it hopes will be more powerful than than Nvidia’s H100 AI chips. The 910D chips are successors to Huawei’s 910B and 910C chips and are still in an early stage of development.
The Journal also said that Huawei is set to ship more than 800,000 Ascend 910B and 910C chips to customers including state-owned telecommunications carriers and AI developers including TikTok parent ByteDance.
Read more here.
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Stocks edge higher as investors focus on trade negotiations, Big Tech earnings
Stocks mostly edged higher on Monday ahead of more Big Tech earnings this week, with a focus on tariff negotiations between the US and its trading partners.
The S&P 500 (^GSPC) rose more than 0.1%, while the Dow Jones Industrial Average (^DJI) also gained 0.2%. The Nasdaq (^IXIC) was little changed.
Wall Street is coming off a positive weekly run, as the S&P 500 gained over 4% last week. President Trump eased pressure on Federal Reserve Chair Jerome Powell. Trump administration officials have also hinted at easing trade tensions. Investors are hoping for the US to eventually strike a deal with China, though progress on that front is still unclear.
Investors await Big Tech earnings this week with Apple (AAPL), Amazon (AMZN), Meta (META), and Microsoft (MSFT) all set to the report in the coming days.
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‘A big boost to confidence’: Markets rally on Trump pivot as trade negotiations drag on
Stock futures were drifting slightly lower Monday morning after they rallied for most of last week on President Trump’s softened tone on tariffs and easing threats on Fed independence.
CME – Delayed Quote USD
As of 10:12:58 AM EDT. Market Open.
ES=F YM=F NQ=F
Yahoo Finance’s Allie Canal reports:
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Why the tariff relief stock rally isn’t shaking Wall Street’s biggest bear Inbox
Yahoo Finance’s Brian Sozzi reports:
Read more here.
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Domino’s stock falls on surprise sales decline
Shares of Domino’s Pizza (DPZ) sank over 3% in premarket trading Monday after the pizza chain reported first quarter earnings and a surprise decline in same-store sales.
Reuters reports:
Like Chipotle, which reported earnings last week, Domino’s is facing a consumer spending pullback as macroeconomic uncertainty and inflation lead to slowing traffic.
Domino’s hopes its partnership with DoorDash (DASH), which is set to be launched in May, will provide a boost to sales, especially in rural and suburban areas.
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Good morning. Here’s what’s happening today.
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Gold extends drop as easing trade war anxiety cools haven demand
Bloomberg News reports:
Gold (GC=F) fell further from last week’s record high as easing trade tensions instill new risk appetite into global markets.
Bullion slid as much as 1.6% to touch $3,268, and has lost more than 5% since peaking above $3,500 on Wednesday.
Investors acted on signs of a thaw in US trade talks, after President Donald Trump on Friday suggested another delay to his higher “reciprocal” tariffs was unlikely. In this context, Asian nations may strike interim deals to stave off levies before the 90-day grace period ends in July. The Trump administration has drafted a framework to handle negotiations with about 18 countries.
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Toyota Industries stock set to pop after parent company announces potential buyout
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Oil pushes higher as light shines for trade war with China
Oil edged higher late Sunday following a turbulent week as easing trade war concerns buffered the commodity. Political issues in Iran and Ukraine also dampened supply forecasts.
Bloomberg reports:
